RenaissanceRe Holdings Ltd. $RNR Position Reduced by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC reduced its stake in RenaissanceRe by 58.2% in the first quarter, selling 16,398 shares and leaving it with 11,797 shares valued at about $3.54 million.
• Wall Street remains cautious on the stock: analysts have a consensus rating of “Hold,” with an average price target of $335.33 despite several recent target increases.
• RenaissanceRe beat earnings expectations in its latest quarter, reporting $12.92 EPS versus $11.72 expected and revenue of $2.77 billion, while also trading near its 12-month high after a 3.4% gain.

Hsbc Holdings PLC trimmed its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 58.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,797 shares of the insurance provider's stock after selling 16,398 shares during the quarter. Hsbc Holdings PLC's holdings in RenaissanceRe were worth $3,538,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Quarry LP lifted its position in shares of RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock valued at $34,000 after acquiring an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock worth $34,000 after purchasing an additional 94 shares in the last quarter. Kingdom Financial Group LLC. purchased a new position in RenaissanceRe during the 4th quarter worth approximately $36,000. Mcguire Capital Advisors Inc. acquired a new stake in RenaissanceRe during the 4th quarter valued at $38,000. Finally, SBI Securities Co. Ltd. raised its stake in RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock valued at $41,000 after purchasing an additional 37 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Mizuho raised their target price on RenaissanceRe from $325.00 to $329.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Wolfe Research set a $315.00 price target on RenaissanceRe in a research report on Tuesday, July 7th. Wells Fargo & Company increased their price objective on RenaissanceRe from $306.00 to $329.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. Barclays raised their price objective on RenaissanceRe from $328.00 to $341.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. Finally, Evercore set a $330.00 target price on RenaissanceRe in a research note on Thursday. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $335.33.

RenaissanceRe Trading Up 3.4%

Shares of NYSE:RNR opened at $328.33 on Friday. The firm has a fifty day moving average of $305.10 and a two-hundred day moving average of $298.42. The company has a quick ratio of 1.37, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $329.60. The firm has a market capitalization of $14.00 billion, a P/E ratio of 5.63, a price-to-earnings-growth ratio of 1.24 and a beta of 0.17.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share for the quarter, topping analysts' consensus estimates of $11.72 by $1.20. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same period in the prior year, the business posted $12.29 earnings per share. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post 40.57 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.41 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe's payout ratio is 2.81%.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.

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